[DigitalToday reporter Jinju Hong (홍진주)] SpaceX has begun closed-door briefings for Wall Street investors ahead of its initial public offering in late June.

On April 21 local time, blockchain media outlet Cryptopolitan reported that SpaceX recently held a series of three days of meetings in Texas and Tennessee, directly disclosing its business structure and key facilities.

The schedule is focused on persuading investors ahead of the listing. The company will hold briefings and on-site tours at Starbase in Boca Chica, Texas, and plans to invite institutional investors such as large mutual funds and pension funds separately. It will then open a data centre in Memphis, Tennessee, to explain its AI expansion strategy and the MacroHard project.

SpaceX is reported to be seeking to raise about $75 billion in the offering. Its target valuation is $1.75 trillion. It is seen as an effort to present itself to investors as a comprehensive space and data company spanning launch services as well as satellite internet and AI infrastructure.

Its governance structure is also a key point to watch. Elon Musk is reported to have bought an additional roughly $1.4 billion worth of SpaceX shares last year from current and former employees. The deal was made through a trust and was also reflected in a draft IPO prospectus, it is reported. By expanding his stake ahead of the listing, he has effectively strengthened his control.

In addition, SpaceX approved a compensation plan that could grant Musk up to 60 million additional shares. This is conditional on raising the company's valuation to as much as $6.6 trillion and meeting its goal of building AI data centres. Shares vest in stages as the valuation rises in set increments. Some insiders are also expected to receive super-voting shares with higher voting rights than ordinary investors.

On performance, the Starlink satellite internet business has become a key pillar. Starlink posted an operating profit of more than $4.4 billion last year, providing a profit base, but consolidated results remained in the red due to expanded AI investment. The combined company of SpaceX and AI business unit xAI posted 2025 revenue of $18.6 billion and a net loss of $4.9 billion.

The losses reflect aggressive investment expansion. The company sharply increased capital expenditures over the past two years and spent more than $20 billion last year alone, with more than half going to AI. AI-related spending more than doubled from a year earlier.

Financial capacity is still being maintained. As of the end of 2025, SpaceX and xAI held about $24.8 billion in cash, with total assets of $92 billion and total liabilities of $50.8 billion. Still, the listing review process is expected to scrutinise Starlink's sustainable profitability, the burden of large-scale AI investment, and a governance structure concentrated on Musk.

The market views the IPO as a venue to assess a new corporate model combining satellite internet and AI infrastructure, going beyond a simple listing of a space company.